Engineering plastics are a subset of thermoplastics that are used in high-performance applications. They have the ability to outperform commercial materials, such as wood, metal, or thermoplastics, in one or more areas of application. Engineering plastics are blended with additives and fillers such as antioxidants, antistatic agents, blowing agents, colorants, coupling agents, curing agents, heat stabilizers, UV stabilizers, flame retardants, or nucleating agents to produce engineering plastic compounds. These engineering plastic compounds offer superior physical properties that augment their performance for various automotive, electronics, industrial, medical, and consumer goods applications. Engineering plastic compounds exhibit exceptional properties such as heat resistance, chemical resistance, impact, flame retardancy, and mechanical strength. The global engineering plastic compounds market is expected to expand at a significant pace during the forecast period, driven by increase in production of automotive components and electronic devices.

Reduction in the weight of automobiles results in lower carbon emissions and increase in fuel efficiency and performance of vehicles. Automotive manufacturers are compelled to reduce the weight of their vehicles due to stringent regulations against carbon emissions. Automotive manufacturers are also engaging themselves in the manufacture of electric vehicles, owing to norms imposed against fuel consumption. Engineering plastic compounds are light in weight and are replacing metal components in automotive and industrial applications. Increase in the production of light weight vehicles and rise in awareness regarding electric cars are projected to boost demand for engineering plastic compounds.

Global Engineering Plastic Compounds Market: Forecast by Region

Asia Pacific is a significant region of the engineering plastic compounds market, accounting for a substantial market share. China is a major producer and consumer of engineering plastic compounds. Presence of large OEMs for automotive and electronics industries and existence of a number of small domestic plastic compound manufacturers in the region are expected to drive the engineering plastic compounds market in Asia Pacific. Relocation of manufacturing capacities of automotive components and electronic devices from the western hemisphere to East Asia is anticipated to boost demand for engineering plastic compounds. Rapid industrialization and expansion of automotive and electronics manufacturing plants in India, South Korea, Thailand, and Vietnam are projected to provide an impetus to the global engineering plastic compounds market. The engineering plastic compounds market in North America and Europe is projected to expand at a moderate pace during the forecast period.